Tom Lee: Bitcoin Market Does Not Care About Current Tether Issues

  • Yuri Molchan
    📰 News

    📋🤑CNBC reports that in a recent talk, Fundstrat’s Tom Lee said he expects Bitcoin to reach new highs within two years; he also mentioned the current problems with USDT


Tom Lee: Bitcoin Market Does Not Care About Current Tether Issues
Contents

Fundstrat’s chief of research, Tom Lee, has told CNBC that even though on Friday, the BTC price slightly dropped and the market saw some issues to do with USDT, Bitcoin will keep going upwards, and the bull run may have already started.

The crypto market is growing: 11 signs of it

These signs, as per Tom Lee, are top factors that drive Bitcoin. They are related to DLT, technical and fundamental analysis, as well as crypto trading volumes.

As for trading volumes, Lee said that since the year began, they have been given a boost year over year, since many third-world countries are now using BTC instead of their unreliable local fiat money. As an example of active Bitcoin users, he mentioned Turkey and Venezuela.

As per technical drivers, in April BTC got over the 200-day MA, which signifies a bullish trend.

“Fundamentals are improving, technicals are improving, and now there’s real activity by, essentially, crypto hodlers,” Lee said.

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Current Tether issues

As for the current troubles with Tether (USDT), Lee said that they do not impact Bitcoin much, since the majority of investors “long tether because [they] don’t want to be long Bitcoin.”

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Trading Expert Predicts Enormous Gains for Ripple’s XRP Price


Trading Expert Predicts Enormous Gains for Ripple’s XRP Price
Contents

Ripple’s XRP could be on the cusp of another major price rally, according to trading expert Crypto Thies. Based on his technical analysis, the XRP price could witness “enormous gains” in the short-term.

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XRP takes a hit  

Piers Morgan’s catchphrase “One day you’re cock of the walk, the next you’re a feather duster” is very relatable to the cryptocurrency market. After stagnating for weeks, the price of XRP suddenly surged by more than 43 percent USD-wise on May 14-15 once Coinbase opened up trading in New York. XRP was the best-performing cryptocurrency in the top 10, but the rally didn’t last long.     

On May 17, XRP recorded an intraday low of $0.359 after its price tanked by more than 25 percent. All major altcoins collectively took a hammering on Friday after the Bitcoin price suddenly experienced a 20 percent drop, which was allegedly caused by market manipulations.

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A dicey situation

The blow was too hard for XRP to rebound. At the time of writing, it is trading at $0.369 after yet another 3.32 percent price decrease over the last 24 hours, according to CoinMarketCap data.  

Now, XRP is facing its make-it-or-break-it moment. If its price breaks below the $0.340 level, things could turn ugly for Ripple’s native token with its next downward target being significantly lower. Trading expert Peter Brandt earlier suggested that a huge price drop would be almost inevitable if that’s the case.

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